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Rick's Cabaret to buy nightclub in Philadelphia

Tue Jan 29, 2008 4:25pm EST

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Jan 29 (Reuters) - Adult-nightclubs operator Rick's Cabaret International Inc (RICK.O) said it will acquire a 100 percent interest in The End Zone Inc, owner of an adult nightclub in Philadelphia, under an amended purchase agreement.

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The company had previously agreed to buy a 51 percent stake in the nightclub.

Rick's said it will pay $3.5 million in cash for the 51 percent interest in the real property and will issue 195,000 shares of the company's stock valued at $23 per share. (Reporting by Dilipp S. Nag in Bangalore; Editing by Anil D'Silva; )

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